PETERSBURG – Owner Paine & Partners, LLC of San Francisco has entered into agreements with two different groups to sell Icicle Seafoods.
According to the press release issued, Convergence Holdings, Inc. will acquire Icicle’s land-based wild seafood processing and farmed salmon activities while Dominion Catchers, LLC will acquire the company’s harvesting and processing vessels, as well as associated fishing rights.
Dominion Catchers is a limited liability company licensed by the Alaska Department of Commerce, Community and Economic Development.
Convergence is the latest company established by the Indonesia-based Soetantyo family, which has a long history in the canning industry in Southeast Asia and North America.
“We see an opportunity to synergize Icicle with our group operations in Indonesia. Through this acquisition, we are accessing a high-quality seafood resource with leading fishing and processing capabilities,” an unnamed spokesperson with Convergence said in the press release. “The synergy between Icicle and our Indonesian operations will drive future growth and help us better serve our customers in North America, Southeast Asia and worldwide. As Icicle’s employees and fishermen are renowned throughout the industry, we feel they are the right partners for this venture.”
It’s unclear at this time what the plans are for Petersburg’s plant.
Petersburg Fisheries, Inc. (PFI) Plant Manager Patrick Wilson referred the Petersburg Pilot to Icicle CEO Chris Ruettgers.
Ruettgers would not comment further when called, but did say in the press release that the company would “move forward with long-term owners who firmly share Icicle’s commitment to quality and sustainability.”
“Convergence and its affiliates have extensive industry experience that will allow for continued investment in Icicle’s business,” he said.
Dexter Paine III, chairman and CEO of Paine & Partners, added that Icicle “will continue to have owners that will work with its management and employees to build on its successes.”
Paine & Partners purchased Icicle in 2007.
The seafood company began in 1965 when a group of employees and fishermen in Petersburg bought the Pacific American Fisheries cannery and turned it into PFI. It’s since grown to operate processing ships and fishing boats, and to process salmon, Pollock and crab in plants throughout Alaska. Headquartered in Seattle, Icicle also does business in the Pacific Northwest.
Financial terms of the Convergence and Dominion agreements were not released, and the transactions are expected to close in August.
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